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Transgender Money: 5 Things Trans Folks Are Doing Right with Money

Transgender money wins

Find out what successful people are doing and do that. Here’s what trans folks are doing right with money (and now do what they’re doing). If you want to reach financial sustainability and financial independence, start here by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.

Watch as we share the good news about transgender wages

Transgender money habits and successes

Who’s rockin’ it with their money? The trans community.

A sales manager of mine once told us to find out what successful people are doing and then do that.

So, today we’re sharing on the Queer Money podcast what some of the most financially successful members of our community . . . transgender folks . . . are doing with their finances. They can act as an inspiration and set a tone for what we can all do.

The Motley Fool/Debt Free Guys LGBTQ+ Money Study shows that transgender Americans are doing better financially than every other demo in the queer community. They’re more likely than the rest of us to have a retirement account, life insurance, health insurance, or disability/critical illness insurance and as likely as the general population to have a brokerage account or a government pension.

As we shared on Queer Money episode #353, it seems many of the trans respondents to our study were older and white, but that doesn’t negate the lessons they’re setting for us.

Trans folks can be an inspiration and set a tone for what we can all do.

What these trans folks are doing are creating a foundation for a solid financial plan. So, how can you follow in their footsteps? Here are 5 simple steps to start your plan:

  1. Trans Folks Are More Likely To Have Basic Banking Products, such as a checking and savings account. Let’s do that, too, possibly with our sponsor Capital One.
  2. Build Emergency Savings In A High-Yield Savings Account, something that trans folks are doing more often than the rest of us
  3. It’s currently open enrollment for most businesses and trans folks seem to be taking more advantage of their benefits than the rest of us. Therefore, Talk With Your HR Depart To: a. Activate your company-sponsored retirement plan b. Activate your health insurance c. Activate any other benefits your company may offer, such as life insurance and/or supplemental disability/critical illness insurance The more of your employer benefits you can take advantage of, the more solid your financial foundation will be.
  4. Again, and this is a little tough love, If Your Company Doesn’t At Least Offer A Company-Sponsored Retirement Plan such as a 401(k), 403(b) 457 or the like, It’s Time To Bounce. It’s still an employee market despite the # of layoffs we’re seeing from some employers.
  5. Set Up A Will And Estate Plan To Protect Your Loved Ones After You’re Gone This is a great way that more of us can help build generational wealth within the queer community, especially if we don’t have anyone to inherit our money after we’re gone.


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